HALIFAX, NOVA SCOTIA--(Marketwire - Jan. 14, 2013) - Corridor Resources Inc. ("Corridor") (News - Market indicators) is pleased to announce initial results of the Macasty core analyses taken from the Petrolia/Corridor Princeton Lake and High Cliff wells on Anticosti Island, Québec that were drilled in the fall of 2012. Corridor and Petrolia hold licenses on Anticosti Island covering more than 6,000 km2 (1.5 million gross acres).
The Princeton Lake and High Cliff wells intersected 90 meters and 57 meters of highly organic Macasty Formation, respectively. The cores were sampled at 50 cm intervals and analyzed by Weatherford (Princeton Lake) and TerraTek Labs (High Cliff). The results provided an average of 4.0% total organic carbon (TOC) in both wells. It is important to note that TOC averaged 5.5% through a 10 meter section at the High Cliff well, with the highest TOC measured at 7.1%. At the Princeton Lake well, TOC averaged 6.0% through a 10 meter section with the highest TOC measured at 7.5%. The results include hydrocarbon saturation levels as measured by the S1 (free hydrocarbons within pore spaces) at an average of 5.7 mg/g at Princeton Lake and 4.6 mg/g at High Cliff through the 10 meter sections. The analyses also confirmed the Macasty Formation is within the oil window at both locations. These results are very positive indicators for the potential production of hydrocarbons from the Macasty Formation.
Corridor will provide updates on additional analytical results from the three wells drilled during the 2012 Petrolia/Corridor program on Anticosti Island as they become available. The results will be helpful in determining the locations for the next stage of the ongoing resource development program on Anticosti. Corridor intends to engage Sproule Associates Ltd. to update the Anticosti Macasty resource estimate which was effective June 1, 2011.
The Macasty Formation is the lateral equivalent of the Utica Formation in Eastern Ohio. "These results are impressive and compare favourably with producing wells from the Utica Formation that occurs in the Eastern Ohio region," remarked Phil Knoll, CEO at Corridor. Corridor is very encouraged as these results continue to demonstrate the significant potential for oil resources on Anticosti Island.
Corridor is an Eastern Canadian junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and Québec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas reserves and production in the McCully Field near Sussex, New Brunswick and discovered crude oil reserves in the Caledonia Field near Sussex, New Brunswick in 2008. In addition, Corridor has contingent resources and discovered resources of shale gas in Elgin, New Brunswick.
Forward Looking Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to: business plans and strategies;the characteristics of the Macasty Formation, the potential for oil resources on Anticosti Island, plans to engage Sproule to update its resources estimates, plans to provide updates on analytical results and development plans on Anticosti Island.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Corridor and its shareholders.
Forward-looking statements are based on Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor concerning test results from Weatherford and TerraTek Labs, business prospects, strategies, regulatory developments, future natural gas commodity prices, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through development and exploration activities. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. These factors may be found under the heading "Risk Factors" in Corridor's Annual Information Form for the year ended December 31, 2011.
The forward-looking statements contained in this press release are made as of the date hereof and Corridor does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
